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MyWi, you know that little app that turns your iPhone into a WiFi hotspot with the tap of a button, has just received a major update. MyWi 4 is now on sale through Rock Your Phone and brings full support to iOS 4 and a host of new features and improvements.

A couple of the new features in particular will be incredibly useful. You know all those WiFi hotspots we get to use for free from our iPhone/iPad 3G but not from our laptops? Well now when you are at your favorite Fast Food eatery or area Airport you can bridge your laptop to your phone over USB cable and voila WiFi on your laptop. Or how about at a hotel that only let's one MAC address on the in room WiFi? Signup from your phone instead of your laptop and then let all your devices have at it!

My other favorite is the battery consumption (lower than ever ) and the battery meter. Choose the status bar icon over the annoying blue bars and watch in real time your battery drain level. Lower the transmit power to conserve battery. Plug your phone in to power during those large downloads or extended use periods and see confirmation that your battery charge is on the rise.

MyWi 4 is available through Rock.app now. All these new features and iOS 4 support come at a nominal price. $19.99 for new licenses and $9.99 to upgrade for any previous MyWi 3.x owners.